Brookfield reaches final close for $15B global transition fund

Brookfield Asset Management Inc. has reached the final institutional close for its Brookfield Global Transition Fund after raising $15 billion.

The final total includes investments from institutional investors in and alongside the fund, as well as amounts reserved for the private wealth channel, according to a June 22 news release from the asset manager. The fund focuses on "investments to accelerate the global transition to a net-zero economy while delivering strong risk-adjusted returns for investors," the release said.

Brookfield Global Transition Fund has deployed or allocated approximately $2.5 billion. Investments include the acquisition of U.S. and German solar power and battery developers, with a combined renewable power development pipeline capacity of approximately 25 GW; an investment in a carbon capture and storage developer; and a development partnership with a U.K. battery storage provider to roll out up to 1,200 MW of capacity alongside 200 MW of colocated solar.

"With the global carbon budget being rapidly run down, now is the time for comprehensive, determined action," Mark Carney, Brookfield vice chair and head of transition investing, said in the news release. "That means deploying capital across the economic spectrum, from scaling clean energy generation to transforming traditional utilities and to providing sustainable solutions for heavy industries like steel and cement."

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